daxdaytrader
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Smart money looks short, watching for risk of a pullback.
firewalker99
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daxdaytrader said:some modest accumulation between 5950 and 5960, so long 5956.5.
I went long 5950, perfect entry as far as I'm concerned
unfortunately the news whipped me out what potentially could have been some nice profits
damn German economic sentiment...
firewalker99
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dcraig1 said:
news release
ZEW
(unfortunately!)
daxdaytrader
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dcraig1 said:
What was what?
I'm short, bought a put option, rather than short a future from the 5960 area. I'm looking for a large move down, trading options as it's easier when trying to stay in large moves. This is not ideal, as I said earlier the put was better from 5950 on the index yesterday. But the continuing bullishness put me off that trade. Bit too much fear really.
The risk with these shorts is as with past 2 days, the bulls pull it right back up. If you shorted the future, then take profits early IMO.
Hey bit of activity and all the posters are back...
Took 31 out of the downmove...and just missed my reshort entry on the rebound.
Probably another chance at it later..
Still not happy staying with an open short
but prefer to look to short any strength
Took 31 out of the downmove...and just missed my reshort entry on the rebound.
Probably another chance at it later..
Still not happy staying with an open short
but prefer to look to short any strength
daxdaytrader
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I got onto the long late, scalped it - the target was 5966 area, but when it couldn't lick 5960, it had nowhere to go but down.
daxdaytrader
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Nice trade foale. I'm still holding short with the put option.
I was out in the pm...been up and down I see
daxdaytrader hope you were not stopped out of your short.although quite understandable if you were. 5920's to 5850. Not something you could easily call in my opinion.
Its still sell into strength imo
daxdaytrader hope you were not stopped out of your short.although quite understandable if you were. 5920's to 5850. Not something you could easily call in my opinion.
Its still sell into strength imo
daxdaytrader
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I was away from screen over lunch and came back to see the price rally to above 5967 area I had predicted this morning, was a good short price. I held onto my put 5900 option, and will hold it a day or so if I can, all being well.
Of course, would of been much simpler to sell the future and take a profit there and then, but I'm trying to improve my patience and stay in trades longer, plus reduce time I need to watch the screen.
Of course, would of been much simpler to sell the future and take a profit there and then, but I'm trying to improve my patience and stay in trades longer, plus reduce time I need to watch the screen.
firewalker99
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daxdaytrader
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daxdaytrader
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My setups worked great yesterday (short from 5967, target 5917 see post #360). As can be seen from prior chart, 5917 area is a strong support level, and price rallied well in the evening off this level. If price can hold back above 5930, then I'll look to enter the upmove again.
firewalker99
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daxdaytrader said:
Thanks ddt, I was wondering do you trade the dax the whole day?
I don't trade options, only futures. In the evenings I put a NQ chart aside, this gives quite a good indication of where the DAX is going. Just being curious, what kind of setups are you playing, reversals mainly? My problem on the DAX is that I've been uncomfortable at using quite large stops.
daxdaytrader
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firewalker99 said:
Hi Firewalker,
As I have a day job and kids at home, my trading is sporadic. I started trading options last week and made 460eu on my first call. I have always traded futures before but I find them very stressfull as I don't like placing large stops on such a high value contract, and greed and fear set in when I start to get a profitable trade, so I don't roll my profits. This results in many losers, and I also tend to overtrade on futures. I think I need to change strategy there and be very patient, plus have very tight stops and simply repeat the entry if I time them badly. I trade both continuation and reversals, mainly reversals. I am still practicing trading into trends, and not so good at it.
Because of the problems I've had on futures I know trade more options. This is really a psychological exercise, it's hard to profit from options because of the premiums. However, it disciplines me to hold a position longer and think more about the bigger price picture. It also controls my stops as I take my risk when I enter the market and don't worry about stops. I usually buy options out-of-the-money for about 150eu. Then I can just monitor them on and off without being glued to the screen.
When my discipline and skill have improved a bit more, I'll go back to focus on futures.
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daxdaytrader
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I've been long about an hour and a half now, but we're already approaching major levels of prior resistance.
daxdaytrader
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We had what appeared to be some light distributions around 11am and 11.30 am. I tried a couple short scalps off them, but timed them badly. Now that we have moved hard back into the resistance level, have to consider potential for a move up to the 5983 area, if no further heavy distributions occur (probably need to wait for US opening bell for this).
